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this is all one question. Dynamic Corporation completed the...

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Accounting

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Dynamic Corporation completed the following transactions during the month of March. Prepare journal entries to record the transactions 1. Issued 100,000 shares of its own common stock for $1,000,000 cash. 2. Borrowed $500,000 cash in return for a 9%, one-year note payable 3. Purchased equipment at a net cost of $500,000 cash 4. Purchased inventory on account for $400,000. Assume that the company uses the perpetual inventory system. 5, Sold merchandise for $500,000 (that had cost $300,000 ), collected $350,000 cash, and the $150,000 balance is due in one month Hinc Make entries for both sides of the transaction-one for saies and one for cost of goods sold. 6. Paid $125,000 cash for operating expenses. 7. Paid for half of the merchandise previously purchased on account in transaction 4. 8. Collected 40% of the balance due on the sales in transaction 5. 9. Paid $6,000 cash for an insurance premium for one year of coverage (debit prepaid insurance 10. Paid $50,000 cash in legal fees for the month of March

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